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    • Daily FX Update

    Risk-on for currency markets following news out of China

    Cate Camerota Headshot
    Cate Camerota
    • June 6, 2022

    Markets moved towards risk assets following news out of Beijing that the nation would ease on COVID restrictions. The US dollar is weaker across most of its peers. In the UK, the country is holding a confidence vote for Prime Minister Boris Johnson, the vote will be held between 6-8pm local time and results are expected to be released shortly after.

    Economic Events this Week:

    Wednesday: EU GDP

    Thursday: US Initial Jobless Claims, ECB Main Refinancing Rate, ECB Deposit Facility Rate

    Friday: US CPI, US Univ. of Michigan Sentiment, CA Unemployment Rate



    • FX Rates
      June 6, 2022

      Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.

      EUR/USD1.0713
      GBP/USD1.2547
      USD/CAD1.2547
      AUD/USD0.7221
      USD/JPY130.95
      USD/CNH6.6446
      USD/ILS3.3235
      USD/MXN19.5005
      USD/CHF0.9642
      USD/INR77.63
      USD/BRL4.7821
      USD/SGD1.3740
      USD/DKK6.9436
      USD/SEK9.7450
      USD/NOK9.3856

    • USD
      The dollar weakened against its peers as broad risk appetite improved following news that China is easing some COVID restrictions. There are no upcoming Fed speakers scheduled ahead of the June 15 FOMC policy decision.
      GBP
      Sterling rallies as the nation returns from holiday despite the imminent confidence vote for Prime Minister Boris Johnson. The vote comes following controversies around the politician including COVID lockdown parties.
      EUR
      The EUR remains within a narrow trading range 1.0709-1.0752 ahead of ECB meeting set for Thursday. The euro trades lower than sterling amidst broad risk appetite and ahead of the confidence vote in the UK.
      CAD

      The Canadian dollar is trading higher alongside oil. News that China is easing COVID restrictions has resulted in more risk appetite supporting commodity-linked currencies.

      ASIA/PACIFIC
      The Australian dollar gained ahead of the country’s central bank policy decision scheduled for Tuesday. USD/JPY is trading slightly lower on broad USD weakness and ahead of US inflation data due Friday.
    Contact Us

    For more analysis on FX markets or information regarding SVB's FX services:

    Contact your respective SVB FX Advisor or the SVB FX Advisory Team at fxadvisors@svb.com.
    See all of SVB's latest FX information and commentary at www.svb.com/trends-insights/foreign-exchange-advisory

    Subscribe to receive the Daily FX Update in your inbox.

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    Please note that we will continue to send you communications that we need to send you (for example, to keep you updated on operational changes to your account, a product or a service) or that we are required to send you by law.

     Source: Bloomberg
     

    This article is intended for U.S. audiences only.

    ©2022 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license.

    The views expressed in this email are solely those of the author and do not reflect the views of SVB Financial Group, or Silicon Valley Bank, or any of its affiliates. This material, including without limitation the statistical information herein, is provided for informational purposes only. The material is based in part upon information from third-party sources that we believe to be reliable, but which has not been independently verified by us and, as such, we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or other decisions. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.

    Foreign exchange transactions can be highly risky, and losses may occur in short periods of time if there is an adverse movement of exchange rates. Exchange rates can be highly volatile and are impacted by numerous economic, political and social factors, as well as supply and demand and governmental intervention, control and adjustments. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Before entering any foreign exchange transaction, you should obtain advice from your own tax, financial, legal, accounting and other advisors, and only make investment decisions on the basis of your own objectives, experience and resources.

    Cate Camerota
    WRITTEN BY
    Cate Camerota
    • View Author Profile
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